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. PRESS NOTE ON SECOND ADVANCE ESTIMATES OF NATIONAL INCOME 2017-18 AND QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (Q3) OF 2017-18 CENTRAL STATISTICS OFFICE MINISTRY OF STATISTICS & PROGRAMME IMPLEMENTATION GOVERNMENT OF INDIA

GOVERNMENT OF INDIA MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION PRESS NOTE Dated the 28 th February, 2018 9 Phalguna, 1939 Saka SECOND ADVANCE ESTIMATES OF NATIONAL INCOME, 2017-18 AND QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (OCT-DEC), 2017-18 The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the Second Advance estimates of national income at constant (2011-12) and current prices for the financial year 2017-18. These are presented in Statements 1-4. 2. Quarterly estimates of GDP for the third quarter October-December (Q3), 2017-18 both at constant (2011-12) and current prices along with the corresponding quarterly estimates of expenditure components of GDP are also being released. Quarterly estimates of previous years along with the first and second quarter estimates of 2017-18 released earlier have undergone revision in accordance with the revision policy of National Accounts. The first three quarters of a financial year are denoted by Q1, Q2 and Q3. GDP at constant (2011-12) prices in Q3 of 2017-18 is estimated at `32.50 lakh crore, as against `30.32 lakh crore in Q3 of 2016-17, showing a growth rate of 7.2 percent. GDP growth rates for Q1 and Q2 of 2017-18 at constant prices are 5.7 percent and 6.5 percent respectively. Quarterly estimates for the years 2015-16, 2016-17, and 2017-18 are presented in Statements 5 to 8. 3. GDP growth rates for 2017-18 and Q1, Q2, Q3 of 2017-18 at constant (2011-12) and current prices are given below: Growth Rates of GDP Constant prices Current prices (2011-12) Annual 2017-18 (Second advance) 6.6 9.8 Q12017-18(April-June) 5.7 9.2 Q2 2017-18(July-Sep) 6.5 10.0 Q3 2017-18(Oct-Dec) 7.2 11.9

2 4. The Second Advance Estimates of GDP have been released in accordance with the release calendar of National Accounts. The approach for compiling the advance estimates is based on benchmark-indicator method. The Sector-wise estimates are obtained by extrapolation of indicators like (i) Index of Industrial Production of first 9 months of the financial year, (ii) financial performance of listed companies in the private corporate sector available upto quarter ending December, 2017 (ii) Second advance estimates of crop production, (iii) accounts of Central & State Governments, information on indicators like deposits & credits, passenger and freight earnings of railways, passengers and cargo handled by civil aviation, cargo handled at major sea ports, sales of commercial vehicles etc. available for first 9/10 months of the financial year. With the introduction of Goods and Services Tax (GST) from 1 st July 2017 and consequent changes in the tax structure, the total tax revenue used for GDP compilation include non-gst revenue and GST revenue. For compiling taxes on products at constant prices, volume extrapolation is done using volume growth of taxed goods and services and aggregated to get the total volume of taxes. Annual forecast of indicators which are available for first 9/10 months is based on regression using seasonal dummies to account for seasonal fluctuations. Some indicators like IIP have been compiled by dividing the cumulative value for the first 9 months of the current financial year by average of ratio of cumulative value of 9 months to the annual value of past years. I SECOND ADVANCE ESTIMATES OF NATIONAL INCOME, 2017-18 A. ESTIMATES AT CONSTANT (2011-12) PRICES Gross Domestic Product 5. Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2017-18 is likely to attain a level of `130.04 lakh crore, as against the First Revised Estimate of GDP for the year 2016-17 of `121.96 lakh crore, released on 31 st January 2018. The growth in GDP during 2017-18 is estimated at 6.6 percent as compared to the growth rate of 7.1 percent in 2016-17. Gross Value Added (GVA) at Basic Prices 6. Real GVA, i.e, GVA at basic constant prices (2011-12) is anticipated to increase from `112.48 lakh crore in 2016-17 to `119.64 lakh crore in 2017-18. Anticipated growth of real GVA at basic prices in 2017-18 is 6.4 percent as against 7.1 percent in 2016-17. 7. The sectors which are likely to register growth rate of over 7.0 percent are public administration, defence and other services, trade, hotels, transport, communication and services related to broadcasting, electricity, gas, water supply and other utility services and 'financial, real estate and professional services. The growth in the agriculture, forestry and fishing, mining and quarrying, manufacturing, and construction is estimated to be 3.0 percent, 3.0 percent, 5.1 per cent and 4.3 percent respectively.

3 8. Industry analysis Agriculture 8.1. The agriculture, forestry and fishing sector is likely to show a growth rate of 3.0 percent in its GVA during 2017-18, as against the previous year s growth rate of 6.3 percent. The GVA estimates of this sector have been compiled using the Second Advance Estimates of production of food grains for 2017-18. According to the information furnished by the Department of Agriculture and Cooperation (DAC), the production growth of food grains during the agriculture year 2017-18 was 0.9 percent as compared to 9.4 percent in the previous agriculture year. Crops including fruits and vegetables account for about 59.0 percent of GDP in agriculture, forestry and fishing sector. Around 41.0 percent of GVA of this sector is based on the livestock products, forestry and fisheries, which is expected to register a combined growth of around 5.1 percent in 2017-18. Mining and quarrying 8.2. The growth in the GVA at basic prices for 2017-18 from mining and quarrying sector is estimated to be 3.0 percent as compared to growth of 13.0 percent in 2016-17. The key indicators of mining sector, namely, production of coal, crude oil and natural gas registered growth rates of 1.3 percent, (-)0.4 percent, 3.4 percent during April-December, 2017-18 as compared to 1.5 percent, (-)3.2 percent and (-)3.3 percent during April-December, 2016-17. IIP mining grew by 2.8 percent in April-December, 2017-18 as against 4.3 percent in April-December, 2016-17. The private corporate sector growth in the mining sector was estimated using the latest available information on major listed companies during first nine months of the financial year 2017-18. Manufacturing 8.3 The growth in the GVA at basic prices for 2017-18 from manufacturing sector is estimated to be 5.1 percent as compared to growth of 7.9 percent in 2016-17. The private corporate sector growth (which has a share of around 70 percent in the manufacturing sector) as estimated using available data of major listed companies was 8.1 percent at current prices during April-December 2017-18. GVA from quasi corporate and unorganized segment (which has a share of around 21.0 percent in the manufacturing sector) has been estimated using IIP of manufacturing. IIP from manufacturing sector registered a growth rateof 3.8 percent during April-December 2017-18. The wholesale price index (WPI), in respect of the manufactured products registered a growth of 2.6 percent during April-December, 2017-18 as compared to 0.7 percent during April- December, 2016-17. Electricity, gas, water supply and other utility services 8.4 GVA at basic prices for 2017-18 from Electricity, gas, water supply and other utility services sector is estimated to grow by 7.3 percent as compared to growth of 9.2 percent in 2016-17. The key indicator of this sector, namely, IIP of Electricity registered a growth rate of 5.1

percent during April-December, 2017-18 as compared to growth of 6.3 percent during April- December, 2016-17. Construction 8.5 GVA at basic prices for 2017-18 from Construction sector is estimated to grow by 4.3 percent as compared to growth of 1.3 percent in 2016-17. Key indicators of construction sector, namely, production of cement and consumption of finished steel registered growth rates of 2.7 percent and 5.2 percent, respectively, during April-December, 2017-18 as compared to 2.8 percent and 3.6 percent respectively, during April-December 2016-17. 4 Trade, hotels, transport, communication and services related to broadcasting 8.6. GVA at basic prices for 2017-18 from this sector is estimated to grow by 8.3 percent as compared to growth of 7.2 percent in 2016-17. GVA from Trade sector is estimated using an index of turnover based on Sales tax. With introduction of GST, sales tax data is now subsumed under GST. Therefore, a comparable estimate of turnover based on sales tax has been estimated. Methodology of estimation is as explained in the Annexure to the press note on estimates of GDP for the second quarter (July-September) of 2017-18 released on 30 th November, 2017. Indicator used for measuring GVA from hotels and restaurant sector is the private corporate growth in this sector. Among the other services sectors, the key indicators of railways, namely, the net tonne kilometres and passenger kilometres have shown growth rate of 5.6 per cent and (-)0.4 percent respectively during April-December 2017-18. In case of other transport sectors, passengers handled by the civil aviation, cargo handled by the civil aviation and cargo handled at major sea ports registered growth rates of 15.2 percent, 18.0 percent and 3.5 percent, respectively, during April- December of 2017-18. Sales of commercial vehicles registered 15.2 percent growth during April- December of 2017-18. Financial, real estate and professional services 8.7 GVA at basic prices for 2017-18 from this sector is estimated to grow by 7.2 percent as compared to growth of 6.0 percent in 2016-17. Major component of this industry is the real estate and professional services which has a share of 72.0 percent. The key indicators of this sector are the quarterly growth of corporate sector for real estate sector and computer related activities which were estimated from latest available information on listed companies for the first nine months of 2017-18. As per available information as on February, 2018, key indicators of banking sector viz. aggregate bank deposits and bank credits have shown growth rates of 5.7 percent and 11.0 percent, respectively. Public administration, defence and other services 8.8 GVA at basic prices for 2017-18 from this sector is estimated to grow by 10.1 percent as compared to growth of 10.7 percent in 2016-17. The key indicator of this sector namely, Union government revenue expenditure net of interest payments and subsidies grew by 16.7 percent during April-December, 2017-18 as compared to 21.8 percent in April-December, 2016-17.

5 Per Capita Income 9. The per capita income in real terms (at 2011-12 prices) during 2017-18 is likely to attain a level of `86,689 as compared to `82,229 for the year 2016-17. The growth rate in per capita income is estimated at 5.4 percent during 2017-18, as against 5.7 per cent in the previous year. 10. Price indices used as deflators The wholesale price index (WPI), in respect of the groups food articles, minerals, manufactured products and all commodities, has risen by 2.3 percent, 7.3 percent, 2.6 percent and 2.9 percent, respectively during April-December, 2017-18. The consumer price index has shown a rise of 3.3 percent during April-December, 2017-18. B. ESTIMATES AT CURRENT PRICES Gross Domestic Product 11. GDP is derived by adding taxes on products net of subsidies on products to GVA at basic prices. GDP at current prices in the year 2017-18 is likely to attain a level of `167.52 lakh crore, as against `152.54 lakh crore in 2016-17 showing a growth rate of 9.8 percent. National Income 12. The nominal Net National Income (NNI), also known as national income (at current prices) is likely to be `148.40 lakh crore during 2017-18, as against `134.93 lakh crore for the year 2016-17. In terms of growth rates, the net national income registered a growth rate of 10.0 percent in 2017-18 as against the previous year s growth rate of 11.0 percent. Per Capita Income 13. The per capita net national income during 2017-18 is estimated to be `112,764 showing a rise of 8.6 percent as compared to `1,03,870 during 2016-17. II ANNUAL ESTIMATES OF FINAL EXPENDITURES OF GDP, 2017-18 14. Along with the second advance estimates of GVA at basic prices by economic activity, the second advance estimates of expenditures of the GDP at current and constant (2011-12) prices are also released. These estimates have been compiled using the data from the same sources as those used for compiling GVA estimates by economic activity, detailed data available on merchandise trade in respect of imports and exports, balance of payments, and expenditure of Central and State Government. As various components of expenditure on gross domestic product, namely, consumption expenditure and capital formation, are normally measured at market prices, the discussion in the following paragraphs is in terms of market prices only.

Private Final Consumption Expenditure 6 15. Private Final Consumption Expenditure (PFCE) at current prices is estimated at `98.59 lakh crore in 2017-18 as against `90.05 lakh crore in 2016-17. At constant (2011-12) prices, the PFCE is estimated at `72.25 lakh crore in 2017-18 as against `68.12 lakh crore in 2016-17. In terms of GDP, the rates of PFCE at current and constant (2011-12) prices during 2017-18 are estimated at 58.9 per cent and 55.6 percent, respectively, as against the corresponding rates of 59.0 per cent and 55.9 per cent, respectively in 2016-17. Government Final Consumption Expenditure 16. Government Final Consumption Expenditure (GFCE) at current prices is estimated at `19.06 lakh crore in 2017-18 as against `16.64 lakh crore in 2016-17. At constant (2011-12) prices, the GFCE is estimated at `14.00 lakh crore in 2017-18 as against `12.62 lakh crore in 2016-17. In terms of GDP, the rates of GFCE at current and constant (2011-12) prices during 2017-18 are estimated at 11.4 percent and 10.8 percent, respectively, as against the corresponding rates of 10.9 percent and 10.3 percent, respectively in 2016-17. Gross Fixed Capital Formation 17. Gross Fixed Capital Formation (GFCF) at current prices is estimated at `47.73 lakh crore in 2017-18 as against `43.52 lakh crore in 2016-17. At constant (2011-12) prices, the GFCF is estimated at `40.87 lakh crore in 2017-18 as against `37.98 lakh crore in 2016-17. In terms of GDP, the rates of GFCF at current and constant (2011-12) prices during 2017-18 are estimated at 28.5 percent and 31.4 percent, respectively, as against the corresponding rates of 28.5 percent and 31.1 percent, respectively in 2016-17. The GFCF is expected to register growth rate of 9.7 percent at current prices and 7.6 percent at constant prices during 2017-18. 18. Estimates of Gross/Net National Income and Per Capita Income along with GVA at basic prices by kind of economic activity and the Expenditures of GDP for the years 2015-16, 2016-17 and 2017-18, at constant (2011-12) and current prices are given in Statements 1 to 4. III QUARTERLY ESTIMATES OF GDP FOR THE THIRD QUARTER (OCTOBER- DECEMBER) OF 2017-18 (a) Estimates at constant (2011-12) prices 19. The first three quarters of a financial year are denoted by Q1, Q2 and Q3. GDP at constant (2011-12) prices in Q3 of 2017-18 is estimated at `32.50 lakh crore, as against `30.32 lakh crore in Q3 of 2016-17, showing a growth rate of 7.2 percent. GVA at basic prices at constant (2011-12) prices in Q3 of 2017-18 is estimated at `30.11 lakh crore, as against `28.21 lakh crore in Q3 of 2016-17, showing a growth rate of 6.7 percent. 20. Growth rates in various sectors are as follows: agriculture, forestry and fishing (4.1 percent), mining and quarrying (-0.1 percent), manufacturing (8.1 percent), electricity, gas, water supply and other utility services (6.1 percent) construction (6.8 percent), Trade, hotels,

transport, communication and services related to broadcasting' (9.0 percent), 'financial, real estate and professional services' (6.7 percent), and Public administration, defence and Other Services' (7.2 percent). 21. The estimated growth in the index of mining, manufacturing and electricity are 0.8 percent, 7.1 percent and 3.8 percent respectively, in Q3 of 2017-18. 22. The key indicators of railways, namely, the net tonne kilometers and passenger kilometers have shown growth rates of 8.6 percent and 0.2 percent, respectively in Q3 of 2017-18, as against the growth rates of (-)4.7 percent and (-)0.1 percent, in the corresponding period of previous year. In the transport and communication sectors, the sale of commercial vehicles and cargo handled at major ports, registered growth rates of 33.9 percent and 4.0 percent respectively in Q3 of 2017-18. 23. The PFCE and GFCF at constant (2011-12) prices in Q3 of 2017-18 are estimated at `19.19 lakh crore and `10.52 lakh crore, respectively. The rates of PFCE and GFCF as percentage of GDP in Q3 of 2017-18 is 59.1 percent and 32.4 percent, respectively, as against the corresponding rates of 59.9 percent and 31.0 percent, respectively in Q3 of 2016-17. GFCE at constant (2011-12) prices in Q3 of 2017-18 is estimated at `3.23 lakh crore as against `3.04 lakh crore in Q3 of 2016-17. The rate of GFCE as percentage of GDP in Q3 of 2017-18 is 9.9 percent as against the corresponding rate of 10.0 percent in Q3 of 2016-17. (b) Estimates at current prices 24. GDP at current prices in Q3 of 2017-18 is estimated at `43.09 lakh crore, as against `38.50 lakh crore in Q3 of 2016-17, showing a growth rate of 11.9 percent. GVA at current basic prices in Q3 of 2017-18 is estimated at `38.98 lakh crore, as against `35.18 lakh crore in Q3 of 2016-17, showing a growth of 10.8 percent. 25. The PFCE and GFCF at current prices in Q3 of 2017-18 are estimated at `26.51 lakh crore and `12.37 lakh crore, respectively. The rates of PFCE and GFCF at current prices as percentage of GDP in Q3 of 2017-18 are estimated at 61.5 percent and 28.7 percent, respectively, as against the corresponding rates of 62.6 percent and 27.9 percent, respectively in Q3 of 2016-17. GFCE at current prices in Q3 of 2017-18 is estimated at `4.47 lakh crore as against `4.04 lakh crore in Q3 of 2016-17. The rate of GFCE as percentage of GDP in Q3 of 2017-18 is 10.4 percent as against the corresponding rate of 10.5 percent in Q3 of 2016-17. 26. Estimates of Gross/Net National Income and Per Capita Income along with GVA at basic prices by kind of economic activity, expenditures on GDP for Second Advance Estimates, third quarter (Q3) & April-December estimates for the years 2015-16, 2016-17 and 2017-18 at constant (2011-12) and current prices, are given in Statements 1 to 12. 27. The next release of quarterly GDP estimate for the quarter January-March, 2018 (Q4 of 2017-18) and provisional annual estimates for the year 2017-18 will be on 31.05.2018. 7

8 STATEMENT 1: Second Advance Estimates of National Income and Expenditures on GDP, 2017-18 ( At 2011-12 Prices) (` crore) Percentage change Item 2015-16 2016-17 2017-18 over previous year S.No ( 2 nd RE ) (1 st RE) (2 nd AE) 2016-17 2017-18 Domestic Product 1 GVA at basic prices 10503348 11247629 11964479 7.1 6.4 2 Net taxes on products 882797 948376 1039417 7.4 9.6 3 GDP (1+2) 11386145 12196006 13003897 7.1 6.6 4 NDP 10119785 10826074 11546654 7.0 6.7 Final Expenditures 5 PFCE 6351137 6812334 7224982 7.3 6.1 6 GFCE 1125317 1262124 1400183 12.2 10.9 7 GFCF 3448193 3797875 4086592 10.1 7.6 8 CIS 232449 90256 93883-61.2 4.0 9 Valuables 185417 159735 272240-13.9 70.4 10 Exports of goods and 2371638 2489079 2599495 5.0 4.4 services 11 Less Imports of goods and 2510848 2611628 2871386 4.0 9.9 services 12 Discrepancies 182842 196232 197909 13 GDP 11386145 12196006 13003897 7.1 6.6 RATES TO GDP 14 PFCE 55.8 55.9 55.6 15 GFCE 9.9 10.3 10.8 16 GFCF 30.3 31.1 31.4 17 CIS 2.0 0.7 0.7 18 Valuables 1.6 1.3 2.1 19 Exports of goods and 20.8 20.4 20.0 services 20 Less Imports of goods and 22.1 21.4 22.1 services 21 Discrepancies 1.6 1.6 1.5 22 GDP 100.0 100.0 100.0 23 GNI 11251420 12051525 12865461 7.1 6.8 24 NNI 9985060 10681594 11408219 7.0 6.8 Per Capita Income, Product and Final Consumption 25 Population* (in million) 1283 1299 1316 1.2 1.3 26 Per Capita GDP (`) 88746 93888 98814 5.8 5.2 27 Per Capita GNI (`) 87696 92775 97762 5.8 5.4 28 Per Capita NNI(`) 77826 82229 86689 5.7 5.4 29 Per Capita PFCE(`) 49502 52443 54901 5.9 4.7 * Relates to mid-financial year RE: Revised estimates; AE: Advance Estimates

9 STATEMENT 2: Second Advance Estimates of National Income and Expenditures on GDP, 2017-18 S.No ( At Current Prices) (` crore) Percentage change Item 2015-16 2016-17 2017-18 over previous year ( 2 nd RE ) (1 st RE) (2 nd AE) 2016-17 2017-18 Domestic Product 1 GVA at basic prices 12566646 13841591 15166379 10.1 9.6 2 Net taxes on products 1197391 1412122 1585309 17.9 12.3 3 GDP (1+2) 13764037 15253714 16751688 10.8 9.8 4 NDP 12313813 13668987 15015286 11.0 9.8 Final Expenditures 5 PFCE 8091249 9004904 9858805 11.3 9.5 6 GFCE 1427835 1663836 1905712 16.5 14.5 7 GFCF 3918237 4352498 4772593 11.1 9.7 8 CIS 254786 100152 106598-60.7 6.4 9 Valuables 202883 176447 271551-13.0 53.9 10 Exports of goods and services 2728641 2946243 3160610 8.0 7.3 11 Less Imports of goods and services 3044915 3208505 3647623 5.4 13.7 12 Discrepancies 185321 218138 323440 13 GDP 13764037 15253714 16751688 10.8 9.8 RATES TO GDP 14 PFCE 58.8 59.0 58.9 15 GFCE 10.4 10.9 11.4 16 GFCF 28.5 28.5 28.5 17 CIS 1.9 0.7 0.6 18 Valuables 1.5 1.2 1.6 19 Exports of goods and services 19.8 19.3 18.9 20 Less Imports of goods and services 22.1 21.0 21.8 21 Discrepancies 1.3 1.4 1.9 22 GDP 100.0 100.0 100.0 23 GNI 13604258 15077384 16576205 10.8 9.9 24 NNI 12154034 13492657 14839803 11.0 10.0 25 GNDI 14017341 15456822 16962397 10.3 9.7 26 NNDI 12567117 13872095 15225995 10.4 9.8 Per Capita Income, Product and Final Consumption 27 Per Capita GDP(`) 107280 117427 127292 9.5 8.4 28 Per Capita GNI (`) 106035 116069 125959 9.5 8.5 29 Per Capita NNI (`) 94731 103870 112764 9.6 8.6 30 Per Capita GNDI(`) 109254 118990 128894 8.9 8.3 31 Per Capita PFCE(`) 63065 69322 74915 9.9 8.1 * Relates to mid-financial year RE: Revised estimates AE: Advance Estimates

10 STATEMENT 3: Second Advance Estimates of GVA at Basic Price by Economic Activity (At 2011-12 prices) RE: Revised estimates AE: Advance Estimates 2015-16 ( 2 nd RE ) (` crore) 2016-17 (1 st RE) 2017-18 ( 2 nd AE) Percentage change over previous year Industry 2016-17 2017-18 1. Agriculture, forestry & fishing 1,615,216 1,716,746 1,767,397 6.3 3.0 2. Mining & quarrying 328,453 371,066 382,204 13.0 3.0 3. Manufacturing 1,898,790 2,048,711 2,153,147 7.9 5.1 4. Electricity, gas, water supply& 224,198 244,934 262,923 9.2 7.3 other utility services 5. Construction 866,440 878,110 915,878 1.3 4.3 6. Trade, hotels, transport, 1,993,627 2,137,102 2,313,932 7.2 8.3 communication and services related to broadcasting 7. Financial, real estate & 2,299,913 2,437,857 2,612,670 6.0 7.2 professional services 8. Public administration, defence 1,276,710 1,413,103 1,556,327 10.7 10.1 and Other Services GVA at Basic Price 10,503,348 11,247,629 11,964,479 7.1 6.4 STATEMENT 4: Second advance Estimates of GVA at Basic Price by Economic Activity (At current prices) (` crore) 2015-16 2016-17 2017-18 Percentage change over ( 2 nd RE ) (1 st RE) ( 2 nd AE) previous year Industry 2016-17 2017-18 1. Agriculture, forestry & fishing 2,225,368 2,484,005 2,588,180 11.6 4.2 2. Mining & quarrying 301,230 332,947 377,197 10.5 13.3 3. Manufacturing 2,116,119 2,329,220 2,512,008 10.1 7.8 4. Electricity, gas, water supply& 336,978 363,482 388,080 7.9 6.8 other utility services 5. Construction 992,298 1,028,463 1,104,185 3.6 7.4 6. Trade, hotels, transport, 2,303,249 2,521,813 2,821,490 9.5 11.9 communication and services related to broadcasting 7. Financial, real estate & 2,631,284 2,857,322 3,173,667 8.6 11.1 professional services 8. Public administration, defence 1,660,120 1,924,339 2,201,573 15.9 14.4 and Other Services 9. GVA at Basic Price 12,566,646 13,841,591 15,166,379 10.1 9.6 RE: Revised estimates AE: Advance Estimates

STATEMENT 5: QUARTERLY ESTIMATE OF GVA AT BASIC PRICES FOR OCTOBER-DECEMBER (Q3) OF 2017-18 (at 2011-12 prices) GVA AT BASIC PRICES (`crore) PER CENTAGE CHANGE OVER PREVIOUS YEAR Industry 2015-16 2016-17 2017-18 2016-17 2017-18 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 1. Agriculture, forestry & fishing 371195 307722 511119 386986 324733 549517 397374 333611 572227 4.3 5.5 7.5 2.7 2.7 4.1 2. Mining & quarrying 89728 65773 78536 99129 71728 88068 100885 76797 88010 10.5 9.1 12.1 1.8 7.1-0.1 3. Manufacturing 464777 471426 449199 510673 507701 485508 501621 542538 524783 9.9 7.7 8.1-1.8 6.9 8.1 4. Electricity, gas, water supply & other utility 55242 57858 55210 62114 61945 60480 66537 66717 64171 12.4 7.1 9.5 7.1 7.7 6.1 services 5. Construction 218498 206034 216686 225077 213851 222748 228497 219868 237951 3.0 3.8 2.8 1.5 2.8 6.8 6. Trade, hotels, transport, communication and 475423 467887 484591 517644 501747 520711 561341 548332 567487 8.9 7.2 7.5 8.4 9.3 9.0 services related to broadcasting 7. Financial, real estate & professional services 596365 671733 507259 659189 727192 521674 717564 773517 556847 10.5 8.3 2.8 8.9 6.4 6.7 8. Public administration, defence and Other Services 291784 332806 336926 314250 359272 372659 355783 379216 399468 7.7 8.0 10.6 13.2 5.6 7.2 GVA at Basic Price 2563013 2581239 2639526 2775063 2768167 2821365 2929601 2940596 3010942 8.3 7.2 6.9 5.6 6.2 6.7 STATEMENT 6: QUARTERLY ESTIMATE OF GVA AT BASIC PRICES FOR (Q3) OCTOBER-DECEMBER OF 2017-18 (at current prices) GVA AT BASIC PRICES (`crore) PER CENTAGE CHANGE OVER PREVIOUS YEAR Industry 2015-16 2016-17 2017-18 2016-17 2017-18 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 1. Agriculture, forestry & fishing 498985 423576 720632 563170 475789 799163 564735 496456 862183 12.9 12.3 10.9 0.3 4.3 7.9 2. Mining & quarrying 92155 62847 70822 83403 61720 78514 94587 71155 87824-9.5-1.8 10.9 13.4 15.3 11.9 3. Manufacturing 523083 526395 498978 575041 574997 553186 579836 629541 613613 9.9 9.2 10.9 0.8 9.5 10.9 4. Electricity, gas, water supply & other utility 84143 87635 82124 90327 91141 90793 97393 97823 95993 7.3 4.0 10.6 7.8 7.3 5.7 services 5. Construction 253525 237344 248409 260680 250158 261113 270737 264202 289344 2.8 5.4 5.1 3.9 5.6 10.8 6. Trade, hotels, transport, communication and 555854 544061 560833 602741 590614 615164 672504 665755 697590 8.4 8.6 9.7 11.6 12.7 13.4 services related to broadcasting 7. Financial, real estate & professional services 692081 775179 578501 767018 855853 609134 860861 942900 679636 10.8 10.4 5.3 12.2 10.2 11.6 8. Public administration, defence and Other Services 371188 433111 442664 421386 490842 510790 492958 536860 571665 13.5 13.3 15.4 17.0 9.4 11.9 GVA at Basic Price 3071014 3090148 3202962 3363766 3391115 3517857 3633610 3704691 3897847 9.5 9.7 9.8 8.0 9.2 10.8

This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm today i.e. 28th February 2017. 12 STATEMENT 7: QUARTERLY ESTIMATES OF FINAL EXPENDITURES OF GDP FOR OCTOBER-DECEMBER (Q3) OF 2017-18 (at 2011-12 prices) GDP (`crore) Rates of GDP (%) Item 2015-16 2016-17 2017-18 2016-17 2017-18 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 1. Private Final Consumption Expenditure (PFCE) 1473402 1507162 1662816 1595219 1619781 1817549 1700954 1726102 1919011 54.0 54.3 59.9 54.5 54.3 59.1 2. Government Final Consumption Expenditure (GFCE) 289915 333113 270997 313990 360466 304372 367593 370968 322815 10.6 12.1 10.0 11.8 11.7 9.9 3. Gross Fixed Capital Formation (GFCF) 828440 833430 863724 960255 921132 938951 975540 984887 1051930 32.5 30.9 31.0 31.3 31.0 32.4 4. Change in Stocks(CIS) 56898 57712 54991 22498 22367 21389 21872 23656 22882 0.8 0.7 0.7 0.7 0.7 0.7 5. Valuables 41359 48346 45368 37008 39255 37644 83443 61439 52994 1.3 1.3 1.2 2.7 1.9 1.6 6. Exports 582778 597409 579000 603715 612021 617872 639149 651790 633271 20.4 20.5 20.4 20.5 20.5 19.5 7. Less Imports 624706 657024 613748 625621 654228 675543 725734 689446 734228 21.2 21.9 22.3 23.3 21.7 22.6 8. Discrepancies 84041 52120-23145 46358 62743-30143 58041 46855-19115 1.6 2.1-1.0 1.9 1.5-0.6 GDP 2732125 2772268 2840003 2953421 2983537 3032091 3120859 3176251 3249560 100.0 100.0 100.0 100.0 100.0 100.0 GDP (Per centage change over previous year) 5.7 6.5 7.2 STATEMENT 8: QUARTERLY ESTIMATES OF FINAL EXPENDITURES OF GDP FOR OCTOBER-DECEMBER (Q3) OF 2017-18 (at current prices) GDP (`crore) Rates of GDP (%) Item 2015-16 2016-17 2017-18 2016-17 2017-18 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 1. Private Final Consumption Expenditure (PFCE) 2. Government Final Consumption Expenditure (GFCE) 1859358 1923421 2134770 2082484 2146473 2409544 2269425 2352356 2651068 57.9 57.8 62.6 57.8 57.5 61.5 361496 423196 347834 407970 477261 403501 488281 505518 446627 11.3 12.8 10.5 12.4 12.4 10.4 3. Gross Fixed Capital Formation (GFCF) 952232 950652 982084 1089771 1048896 1072827 1128984 1146421 1237320 30.3 28.2 27.9 28.7 28.0 28.7 4. Change in Stocks(CIS) 62980 63379 60078 24726 24724 23786 24606 26715 26039 0.7 0.7 0.6 0.6 0.7 0.6 5. Valuables 46071 52017 51262 40534 46975 45590 86408 62364 59536 1.1 1.3 1.2 2.2 1.5 1.4 6. Exports 671292 687099 677376 704192 720269 742693 760272 786720 789546 19.6 19.4 19.3 19.3 19.2 18.3 7. Less Imports 757976 795275 758570 757439 797968 844678 901331 868306 959291 21.0 21.5 21.9 22.9 21.2 22.3 8. Discrepancies 46238 49604-19906 6254 48717-2999 73088 76501 57798 0.2 1.3-0.1 1.9 1.9 1.3 GDP 3241692 3354093 3474928 3598492 3715346 3850265 3929733 4088288 4308642 100.0 100.0 100.0 100.0 100.0 100.0 GDP (Percentage change over previous year) 9.2 10.0 11.9

This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm today i.e. 28th February 2017. 13 STATEMENT 9: ESTIMATES OF GVA AT BASIC PRICES IN APRIL-DECEMBER OF 2017-18 (at 2011-12 prices) (`crore) Industry 2015-16 ( 2 nd RE ) 2016-17 (1 st RE) 2017-18 ( 2 nd AE) Percentage change Over previous year 2016-17 2017-18 1. Agriculture, forestry & fishing 1190037 1261237 1303212 6.0 3.3 2. Mining & quarrying 234037 258926 265692 10.6 2.6 3. Manufacturing 1385402 1503881 1568942 8.6 4.3 4. Electricity, gas, water supply& 168310 184539 197424 9.6 7.0 other utility services 5. Construction 641218 661676 686315 3.2 3.7 6. Trade, hotels, transport, 1427901 1540102 1677160 7.9 8.9 communication and services related to broadcasting 7. Financial, real estate & 1775356 1908054 2047928 7.5 7.3 professional services 8. Public administration, defence 961516 1046180 1134467 8.8 8.4 and Other Services GVA at Basic Price 7783777 8364596 8881139 7.5 6.2 RE: Revised estimates; AE: Advance Estimates STATEMENT 10: ESTIMATES OF EXPENDITURES OF GDP IN APRIL-DECEMBER OF 2017-18 (at 2011-12 prices) (`crore) Item 1. Private Final Consumption Expenditure 2. Government Final Consumption Expenditure 3. Gross Fixed Capital Formation 4. Change in Stocks 5. Valuables 6. Exports 7. Less Imports 8. Discrepancies 2015-16 ( 2 nd RE ) 2016-17 (1 st RE) 2017-18 ( 2 nd AE) Rates of GDP at (%) 2016-17 2017-18 4643380 5032550 5346067 56.1 56.0 894025 978828 1061376 10.9 11.1 2525595 2820338 3012357 31.4 31.6 169600 66253 68410 0.7 0.7 135073 113907 197875 1.3 2.1 1759186 1833609 1924210 20.4 20.2 1895478 1955393 2149408 21.8 22.5 113015 78958 85781 0.9 0.9 GDP 8344395 8969049 9546669 100.0 100.0 GDP (Percentage change over previous year) 7.5 6.4 RE: Revised estimates; AE: Advance Estimates

This Press Release is embargoed against publication, telecast or circulation on internet till 5.30 pm today i.e. 28th February 2017. 14 Industry 1. Agriculture, forestry & fishing 2. Mining & quarrying 3. Manufacturing 4. Electricity, gas, water supply& other utility services STATEMENT 11: ESTIMATES OF GVA AT BASIC PRICE IN APRIL-DECEMBER OF 2017-18 (at current prices) (`crore) 2015-16 ( 2 nd RE ) 2016-17 (1 st RE) 2017-18 ( 2 nd AE) Percentage change over previous year 2016-17 2017-18 1643192 1838122 1923373 11.9 4.6 225824 223638 253565-1.0 13.4 1548456 1703224 1822990 10.0 7.0 253902 272260 291209 7.2 7.0 5. Construction 739277 771951 824282 4.4 6.8 6. Trade, hotels, transport, communication and services 1660748 1808519 2035849 8.9 12.6 related to broadcasting 7. Financial, real estate & professional services 2045761 2232005 2483397 9.1 11.3 8. Public administration, defence and Other Services 1246963 1423018 1601484 14.1 12.5 GVA at Basic Price 9364123 10272737 11236149 9.7 9.4 RE: Revised estimates; AE: Advance Estimates Item 1. Private Final Consumption Expenditure 2. Government Final Consumption Expenditure 3. Gross Fixed Capital Formation 4. Change in Stocks 5. Valuables 6. Exports 7. Less Imports 8. Discrepancies STATEMENT 12: ESTIMATES OF EXPENDITURES OF GDP IN APRIL-DECEMBER OF 2017-18 (at current prices) (` crore) 2015-16 ( 2 nd RE ) 2016-17 (1 st RE) 2017-18 ( 2 nd AE) Rates of GDP at (%) 2016-17 2017-18 5917550 6638501 7272848 59.5 59.0 1132526 1288732 1440426 11.5 11.7 2884968 3211494 3512724 28.8 28.5 186438 73236 77359 0.7 0.6 149350 133099 208308 1.2 1.7 2035767 2167154 2336538 19.4 19.0 2311820 2400085 2728928 21.5 22.1 75936 51972 207387 0.5 1.7 GDP 10070714 11164103 12326663 100.0 100.0 GDP (Percentage change over previous year) 10.9 10.4 RE: Revised estimates; AE: Advance Estimates